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July 3, 2021Mining & supplyRecords & milestonesdocumented

Difficulty falls by a record 28%

Bitcoin's largest ever downward difficulty adjustment followed China's removal of roughly half the network's hash rate.

Provincial shutdowns had switched off a large share of global mining within weeks, leaving blocks arriving far slower than the ten-minute target. The retarget restored normal block times automatically, and hash rate returned within a year from North America and Central Asia.